Dollar rises against pound and Euro ahead of Jackson Hole

The dollar rose against the Pound and the Euro ahead of the Jackson Hole convention this week, at which US Federal Reserve chairman Jerome Powell is expected to announce higher interest rates across the country.

The US currency has enjoyed renewed strength as the Euro struggled on a deepening energy crisis and the Pound was hit by weak PMI data, with the flash composite output index at 50.9 in August compared to 52.1 in July, marking an 18-month low.

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Meanwhile, the war with Ukraine has seen Russia announce unscheduled maintenance on the Nord Stream 1 pipeline, which transports gas from Russia to Germany. The operations will see the gas supply shut off from 31 August to 2 September, disrupting energy supplies across the continent and sending prices through the roof.

One pound equated to 1.1782 dollars in early afternoon trading and one Euro reached 0.9941 dollars, remaining below parity since its slide yesterday.

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